Meanwhile, the hopes of EpiPen supply improving faded after a statement issued by the company recently said the problem will persist in the coming months. The cause for the current crisis dates back to 2017 when inventories were affected by a severe disruption in production. Though the company has a generic alternative, it is not commonly available.
A generic version being developed by Teva Pharmaceutical will be available only by year-end
Amneal Pharmaceuticals (AMRX), the manufacturer of an epinephrine injector that is considered to be an alternative to EpiPen, this week lowered its earnings forecast for fiscal 2019, reflecting the uncertainty over the medicine’s availability. The management also unveiled a reorganization plan with focus on cost-cutting and streamlining of production.
Mylan’s stock dropped more than 5% early Wednesday following reports about the EpiPen shortage, but pared a part of the loss by afternoon and traded around $19. The stock has lost 32% so far this year and 48% in the past twelve months. Meanwhile, shares of Amneal were down 34% in early trading.